The Betterbilt Construction Company designs and builds residential mobile homes. The company is ready to construct, in sequence, 16 new homes of 2,400 square feet each. The successful bid for the construction materials in the first home is $64,800, or $27 per square foot. The purchasing manager believes that several actions can be taken to reduce material costs by 8% each time the number of homes constructed doubles. Compute the material cost per ft, the cumulative total of material costs per it, and the cumulative average material cost per ft for each quantity of homes to be constructed. Material cost reduction rate 8% Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Material cost per Cumulative of material costs per ft Cumulative average material cost per ft ft Number of homes 1 2 3 $27.00 $27.00 $27.00 4 5 6 7 8 9 10 11 12 13 14 15 16 Steps 1. Start Excel - completed. 2. In cell D12, by using cell references, calculate the material cost per square foot for the second home. (1 pt.) 3. To calculate the material costs per square foot for the 3rd through 16th home, copy cell D12 and paste it onto cells D13:D26. (1 pt.) 4. In cell E12, by using cell references, calculate the cumulative of material costs per square foot for the first two homes. (1 pt.) 5. To calculate the cumulative of material costs per square foot for the first 3 through 16 homes, copy cell E12 and paste it onto cells E13:E26. (1 pt.) 6. In cell F12, by using cell references, calculate the cumulative average material cost per square foot for the first two homes. (1 pt.) 7. To calculate the cumulative average material costs per square foot for the first 3 through 16 homes, copy cell F12 and paste onto cells F13:F26. (1 pt.)